Wall Street prepares to profit off looming global credit crunch

Wall Street is hiring like gangbusters — because of a looming global credit crunch that could roil markets, and torpedo funds and businesses. Firms are signing on professionals to profit off a mountain of near-junk corporate debt, according to insiders. The Street is thought to be gearing up for the doomsday scenario some are expecting: a massive wave of corporate […]

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Kingfisher Plc FY Pretax Profit Declines; LFL Sales Down 1.6%

Kingfisher plc (KGF.L) reported that its statutory pre-tax profit for year ended 31 January 2019, which includes the impact of transformation costs and exceptional items, decreased by 52.8% to 322 million pounds. Earnings per share was 10.2 pence compared to 22.0 pence. Underlying pre-tax profit was 693 million pounds, down 13.0% from prior year. Underlying EPS was 23.8 pence compared […]

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Adidas 2018 Profit From Cont. Ops. Rises; Currency-neutral Sales Up 8%

adidas (ADDYY.PK,ADDDF.PK) reported that its fiscal 2018 net income from continuing operations, excluding the negative one-time tax impact recorded in 2017, increased 20% to 1.71 billion euros from 1.43 billion euros. Basic EPS from continuing operations grew 20% to 8.46 euros from 7.05 euros. The company’s operating profit grew 14% in 2018 to 2.37 billion euros, representing an operating margin […]

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Saipem and former managers sent to trial in profit warning case – sources

MILAN (Reuters) – An Italian judge has ordered oil contractor Saipem and former executives to stand trial on market manipulation and false accounting charges, sources said on Friday. The trial, revolving around a profit warning issued in 2013, will begin on May 23, the sources said. Fomer Chief Executives Pietro Tali and Umberto Vergine are among the managers to be […]

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TJX Q4 Revenues Beat View; Hikes Dividend, Approves Share Buyback – Quick Facts

Off-price retailer TJX Companies, Inc. (TJX) on Wednesday reported a 4 percent decrease in profit for the fourth quarter from last year despite higher sales. However, revenue for the quarter beat analysts’ expectations. TJX also said it plans to increase the quarterly dividend by 18 percent and that its board approved a new stock repurchase program for up to an […]

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AMP profit plunges 97 per cent as wealth unit sees $4b in outflows

AMP's hammering from the banking royal commission just got worse with the wealth manager saying it recorded net cash outflows across its wealth management business of nearly $4 billion over the year due to the reputational impact from the inquiry. AMP has made headlines for all the wrong reasons over the past 12 months. Credit:AAP AMP's problems appear to be […]

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Stellar profit lifts Magellan shares to record high

Magellan Financial Group posted a stellar first-half result, boosted by soaring management and performance fees and a steady inflow of new retail investors. Total net cash inflows for the six months ended December 31 was $1.4 billion, taking Magellan's average funds under management 35 per cent higher to more than $72.1 billion. The share of retail investors piling into its funds […]

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Viacom Q1 Adj. Profit Beats View, But Revenues Miss

Viacom Inc. (VIAB,VIA) on Tuesday reported a 40 percent decline in profit for the first quarter from last year as a slight increase in revenues was more than offset by higher expenses. However, adjusted earnings per share topped analysts’ expectations, while quarterly revenues missed their estimates. Looking ahead, Viacom said it is progressing toward a return to topline growth in […]

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